26.1-26.7-06. Application for license and fees

26.1-26.7-06. Application for license and fees 1. A vendor shall apply for licensure under subsection 2 of section 26.1-26-13.3. 2. An applicant shall apply for licensure under the provisions of section 26.1-26-13.3. In lieu of providing the information for all officers, directors, and shareholders owning more than ten percent of the applicant, the requirements for the applicant are limited to requiring the applicant to provide the name, residence address, and other information required by the commissioner for an employee or officer of the vendor that is designated by the applicant as the person responsible for the vendor's compliance with the requirements of this chapter. However, if the vendor derives more than fifty percent of the vendor's revenue from the sale of portable electronics insurance the information required under this subsection must be provided for all officers, directors, and shareholder of record having beneficial ownership of ten percent or more. 3. Each vendor of portable electronic devices licensed under this chapter shall pay to the commissioner a fee as prescribed by the commissioner. 4. Any vendor engaging in portable electronics insurance transactions before July 1, 2015, shall apply for licensure within ninety days of the application being made available by the commissioner. Any applicant commencing operations after July 1, 2015 shall obtain a license before offering portable electronics insurance. The provisions and penalties under this section are in addition to those provided under